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Lord Justice Stanley Burnton and Mr Justice Silber reserved their decision in the case, in order to give full consideration before giving a written judgment at a later date.

During the three-day hearing, the judges were told under the government's terms for valuing Northern Rock shares, former shareholders would receive "nothing, or next to nothing".

Largest shareholder, SRM Global Master Fund LP's counsel, Lord Pannick QC, said the valuer would be required to assume, when calculating share value, that all financial assistance provided to Northern Rock by the Bank of England or the Treasury had been withdrawn, that Northern Rock was unable to continue as a going concern and it had gone into administration.

However, lawyers for the government argued the terms for calculating compensation were fully compatible with the European Convention on Human Rights.

Anthony Grabiner QC argued the shareholders' case was "flawed", and this was not a case of the state taking property and declining to pay compensation.